GST Increase for New Zealand

On the 1st October 2010, the GST rate in New Zealand changed from 12.5% to 15%. Please download the latest version to accommodate for this change.  The basics for handling the new GST rate are as follows:-
 

After 1 October, You Will Need To:-

• Charge 15% GST on any sales/invoices you make
• Claim 15% GST on any purchases/invoices you make

GST Rate Change Adjustment

If you normally complete GST Returns on a Payments Basis or Hybrid Basis, you will probably need to complete a separate GST105 form called the ”GST Rate Change Adjustment Calculation Sheet”:  http://www.ird.govt.nz/calculators/keyword/gst/gst105-rate-adjustment-worksheet.html

This is a one off adjustment that is calculated with your September return.  It is to account for the timing issue for unpaid sales/purchases at 30 September 2010 that are at the old rate of 12.5%.

When GST Period Spans 1 October

You will need to complete a one-off GST Transitional Return:  http://www.ird.govt.nz/changes/gst/businesses/returns/budget-gst-filing-104a.html

More Information

For more detailed information on the GST rate changes, refer to IRD guide GST106:  http://www.ird.govt.nz/forms-guides/number/forms-100-199/gst106-guide-gst-rate-change.html

Updated:  14 October 2010